I have found myself becoming increasingly interested in Bitcoin, and crypto-currency in general. Bitcoin is a peer-to-peer currency based on an open protocol where every transaction is logged on a blockchain – a public transaction log.
Bitcoin’s detractors claim it is nothing more than an elaborate Ponzi Scheme. This could well be the case – only time will tell. Early adopters of the crypto-currency have, however, made some serious returns with the value of Bitcoin going from around $1 a couple of years ago to $1300 earlier this month.
Links to dark net blackmarkets have also caused the mainstream media to take a rather negative view of Bitcoin.
The aspect of Bitcoin that excites me is the ability to send large amounts to anyone, anywhere in the world with virtually no charge and without the need for a third party i.e. the evil banks.
This has massive implications given that Western Union, Moneygram et al charge around 10% to send cash. This is particularly relevant for emerging markets and could hugely bring down operating costs of businesses around the world.
I plan to write at more length about Bitcoin. For now, you’ll have to settle for this infographic I came across. It details the history of BTC fairly comprehensively.
Written by Paul Leck Davidson